FT Vest U.S. Equity Enhance & Moderate Buffer ETF - April (XAPR)

The FT Vest U.S. Equity Enhance & Moderate Buffer ETF - April is a defined-outcome exchange-traded fund from First Trust, with Vest Financial serving as sub-advisor. It trades on Cboe BZX under the ticker XAPR.

The fund uses FLexible EXchange (FLEX) options linked to the SPDR S&P 500 ETF Trust to create a target outcome over an annual period that begins in April. The strategy aims to provide enhanced participation in the upside of the underlying S&P 500 exposure, up to a cap, while offering a moderate buffer against a portion of losses over that period.

When each outcome period ends, the options are reset and a new cap is set for the following year. Investors who buy shares partway through a period may experience a different outcome than the one the fund targets for the full period.